|
ASX200 Prime Momentum (MTM) |
Monthly Report September 2011 |
|||||||||||||||||||||||||||||||||||||
|
Managers Comments for September 2011 TO BE OR NOT TO BE? Porter Capital’s Prime Momentum fund (MTM) returned +0.23% for September. The benchmark S&P/ASX200 Accumulation Index lost -6.13% for September. MTM therefore outperformed the S&P/ASX200 (after management fees) by +6.36% for the period. Total return for MTM since inception (August 2010) is +5.40% versus the benchmark return of -4.73% for the same period.
With market momentum clearly still negative in September, we continued to hold a defensive cash position in the portfolio. Issues regarding sovereign debt in Europe and banking capital requirements weighed negatively upon market sentiment to see global equity markets experience sharp falls.
Early October, markets seemed to find their footing as the perception that policy makers in Europe appreciate the seriousness of the current economic situation and are prepared to take action. After 5 months of holding the portfolio in 100% cash and averting a near 20% fall in S&P/ASX200, we moved back into equities after identifying positive momentum.
The question remains: is this a false start, or the emergence of sustained positive momentum in equities? Only time will tell. Either way, we execute our proven process with the discipline and patience necessary to protect and grow assets on behalf of investors.
As a side note, Dr. Bruce Vanstone from Porter Capital will be presenting at this years Australian Technical Analysts Annual Conference. For further details see http://www.ataa.com.au/conference-overview.html. Note: Please add us to your “Safe Senders” list to ensure our Monthly Report gets through. Additionally, please feel free to forward this email to any friends or colleagues who may be interested. All Performance Reports can be viewed online here.
About the manager Porter Capital Management is a professional funds manager offering innovative, system-based investment solutions to institutions, financial advisors and individual investors. For further information
Phone: 1300 13 44 22 |
|
|||||||||||||||||||||||||||||||||||||
| This report provides general information only and does not take into account the investment objectives, financial circumstances or needs of any person. To the maximum extent permitted by law, Porter Capital Management (PCM), its directors and employees accept no liability for any loss or damage occurred as a result of any action taken or not taken on the basis of the information contained in the report or any omissions or errors within it. Before making an investment decision you should consider the latest Product Disclosure Statement and Financial Services Guide and assess whether the product and/or service is appropriate for you. It is advisable that you obtain professional independent financial, legal and taxation advice before making any financial investment decision. PCM does not guarantee the repayment of capital or payment of income, or the performance of its investments. | ||||||||||||||||||||||||||||||||||||||